CBIC has released a guidebook for Faceless Assessment to assist the concerned stakeholders in the successful implementation of Faceless Assessment across the country. Link to access E-book - Cl..
Tariff Notification No.103/2020-Customs(N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg. In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Indirect Taxes& Customs, being satisfied that it is necessary and expedient to do so, hereby makes the following amendments in the notification of the Government of India in the Ministry of Fi..
Ministry of Finance Launch of GSTR-2B for the month of July 2020 The GST Council, in its 39th meeting held on 14th March 2020, had recommended to adopt and implement the incremental approach of linking the present system of filing of GSTR-3B and GSTR-1 and other significant changes like enhancements in GSTR-2A and its linking to GSTR-3B. One such enhancement that the Council recommended was introduction of an auto-..
Chairman, CBIC Sh. M Ajit Kumar and Sh. P C Modi, Chairman, CBDT, in presence of other Members of both the Boards & officials of DG Systems, signed an MoU on data sharing between CBIC & CBDT to facilitate smoother bilateral exchange of data. A Memorandum o..
Press Note - Clarification on GST Rate on Hand Sanitizers. Clarification on issue of GST rate on alcohol based hand sanitizers The issue of GST rate on alcohol based hand sanitizers has been reported in few sections of media. It is stated that hand sanitizers attract GST at the rate of 18%. Sanitizers are disinfectants like soaps, anti-bacterial liquids, dettol etc which all attract duty standard rate of 18% under the GST r..
In view of COVID-19 pandemic situation, the Government today extended relief to gems and jewellery sector by relaxing the requirement of re-import of cut and polished diamonds, which have been sent abroad for certification and grading, by three months. CBIC said that this extended time period would be available to exporters to bring back cut and polished diamonds after due certification and grading by specified laboratories abroad. This extension shall apply to all cut and polished ..
What is Custom Exchange Rate? The custom exchange rate is used in filing the shipping bill and bill of entry. The exchange rate is the value of one country’s currency in relation to author currency. The exchange rate has an effect on the trade surplus or deficit, which in turn affects the exchange rate, and so on. 99% of export-import shipments are done in foreign currency. A country's importing and exporting activity can influence i..
Another legacy provision that has been included under the GST laws from erstwhile tax regimes is the concept of Advance Rulings. The purpose of advance rulings is to help an applicant who is already a registered taxable person or is liable to be registered to provide clarity and understanding with regards to any supply which is to be undertaken and which might create an issue with the GST authorities, at a later stage, if the tax liabilities are not correctly discharged. Suppo..
NOTIFICATION New Delhi, the 24th June, 2020 No. 50/2020 – Central Tax G.S.R. 403(E).—In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017, namely:- 1. (..
Shri Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) here yesterday unveiled a Secure QR coded Shipping Bill that would be electronically sent to exporters after the Customs allows export. This eliminates in one stroke the requirement of the exporters having to approach the Customs officers for proof of export. This also makes the end to end Customs export process fully electronic, from the filing of the Shipping Bill to the final order to allow export. Toda..
• CBIC Begins Using e-Office in all CGST and Customs offices “The e-Office is a Mission Mode Project (MMP) under the National e-Governance of India.” Chairman of Central Board of Indirect Taxes and Customs (CBIC) has launched remotely the e-Office application today i.e. 15th day of June, 2020 in over 500 CGST and Customs offices across India in the presence of over 800 senior officers of CBIC. CBIC has become one of the largest Go..
Shri M. Ajit Kumar, Chairman, Central Board of Indirect Taxes and Customs (CBIC) launched the e-Office application in over 500 CGST and Customs offices across India here today. The e-Office application was launched remotely in the presence of over 800 senior officers of CBIC. Dr Neeta Verma, DG, National Informatics Centre, (NIC) was also present. Over 50,000 officers and staff will use this application making CBIC one of the largest Government departments to automate its internal o..